Home/Money/ China Steps Up U.S. Soybean Buying With Million-Ton Purchase

China Steps Up U.S. Soybean Buying With Million-Ton Purchase

Grace Luna |Thursday, May 14, 2020

President Trump: 'No interest' in renegotiating Phase One trade deal with China

Advisers close to the talks have suggested that Chinese officials revive the possibility of invalidating the trade pact and negotiate a new one to tilt the scales more to the Chinese side, the Global Times reported today, citing the sources.

"Communist China started a global pandemic and failed to provide any information that could have helped save thousands of lives".

Under the deal, the Trump administration agreed to postpone any further tariff increases, while China promised a $200-billion increase over two years in its purchases of U.S. products compared to the 2017 levels.

Trump had launched the trade war with China in 2018 demanding Beijing to reduce the massive trade deficit.

This is the second list of US goods to be excluded from the second round of tariff countermeasures against the US Section 301 measure, according to a statement from the Customs Tariff Commission of China's State Council.

China's April imports of US goods slumped 11.1% in dollar terms from a year earlier, weighed by weaker domestic demand because of the epidemic.

Only last week, Trump administration officialssaid, after consulting with Chinese Vice Premier Liu Hem "both countries fully expect to meet their obligations under the agreement in a timely manner".

China's investment in the USA peaked in 2016 amid a rush of ambitious overseas deals.

Asked about a report in The New York Times that the White House would soon accuse Beijing of trying to steal research on vaccines for the new coronavirus, by mobilizing hackers, Trump declined to confirm. The statement said the remaining United States products subject to China's second round of additional tariffs will not be excluded for the time being.

While some USA analysts are skeptical that China can fulfill its Phase One obligations, Chinese analysts told the Global Times that the coronavirus has reduced US capacity to ship the volume of goods that China wants to buy. Reporters have long questioned China's transparency on its outbreak, and with cases surging in the US, USA officials have accused the authoritarian state of failing to be entirely honest.

"It's in fact in China's interests to terminate the current Phase 1 deal", a trade adviser to the Chinese government told the Global Times, citing the weakening United States economy and upcoming USA presidential elections. "It has yielded positive results thus far", said Willems, who is now with the Akin Gump law firm in Washington, DC.

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